Multifamily Prices Drop in Three Markets

The price of multifamily homes and apartment buildings fell in New York, Los Angeles, and San Francisco in the third quarter, Property Research Partners LLC, a Brooklyn, N.Y., data seller that does business as PropertyShark, said Thursday.

The median price dropped 9% in New York, to $590,000, 35% in Los Angeles County, to $435,000, and 5% in San Francisco, to $859,000, according to PropertyShark, which tracked sales of residential or mixed-use buildings with two units or more in the three places.

"It looks to me that everything is coming down," said Bill Staniford, PropertyShark's chief executive officer. "You have a potential bottom in L.A., but San Francisco and New York continue to drop. Transactions are frozen in New York, and inventory is building up."

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER